US announces sanctions on Iran metals industry
The latest of several recent sanctions from the Trump administration includes designations of companies based in the United Kingdom, Germany and China.
The United States placed sanctions on companies connected to Iran’s metals industry Tuesday. The Trump administration’s continued use of sanctions could complicate the foreign policy of President-elect Joe Biden.
The State Department announced Tuesday new sanctions on steel, mining, industrial and construction entities. Thirteen of the firms are based in Iran. These include Pasargad Steel Complex, based in Tehran, and Vian Steel Complex, which describes itself as “Iran's second largest privately owned steel-maker.”
The department also announced sanctions on companies based outside Iran, including in US-allied states. GMI Projects Hamburg in Germany, GMI Projects in the UK and World Mining Industry in China are also now designated. The three companies are run by the Iran-based Middle East Mines and Mineral Industries Development Holding Company, according to the State Department.
The US government has the authority to sanction companies working with Iran’s metal industry based on presidential Executive Order 13871. The reasoning is that the Iranian state uses revenues from this industry to support terrorism and threaten other countries.
